IDCZ: Who we are and what we do
Corporate profile
The Industrial Development Corporation of Zimbabwe (IDCZ) Limited was incorporated through its enabling Act, The IDC Act (Chapter 14:10) in 1963 to invest in industry as a state agency.
The Industrial Development Corporation of Zimbabwe Limited Act was amended in 1984 to allow the corporation to promote investment and economic co-operation across borders.
The corporation identifies, develops and finances viable industrial projects in partnership with local, regional and international investors, and technology and market access partners.
Having been in business for the last 57 years, the corporation has transformed and built an investment portfolio, with the core being in the sectors of motor and transport, fertiliser and chemicals, cement, base mineral processing, and agro-processing. It also has in packaging, insurance and real estate.
The IDCZ’s direct line of reporting is through the Ministry of Industry and Commerce.
Overall functions of the corporation:
a) To establish and conduct new industries and industrial undertakings;
b) To facilitate, promote, guide and assist in the financing of (i) new industries and industrial undertakings (ii) schemes for the expansion, better organization and modernisation of and the more efficient carrying out of operations in existing industries and industrial undertakings;
c) Without prejudice to the function and powers conferred upon other relevant agencies or institutions of the government and so far as maybe
practicable, to assist and support the development of small scale or medium scale industries and industrial undertakings;
d) Within the scope of its functions and powers, to implement policies of the government in regards to decentralisation of industry, choice of technology and such other matters connected with industrial development as the minister may specify for that purpose;
e) To undertake the development of management and technical expertise in the carrying out of operations in industries and industrial undertakings, including the development of expertise in project analysis, evaluation of investment opportunities and the provision of consultancy services; and
f) To take such measures as maybe necessary or expedient to enable the corporation to exercise direct and effective control over enterprises in which it has made an investment, to the end that the economic requirements of Zimbabwe maybe met and industrial development within maybe planned, expedited and conducted on sound business principles.
In broad and aspirational terms, the IDCZ has the following mandate, vision and mission:
Mandate
To promote inclusive, sustainable, and innovative industrial development for economic growth.
Vision
To be an innovative and sustainable development finance institution for the provision of quality and competitive value added goods and services for the local and export markets. Mission
•
Identifying, facilitating, developing and implementing bankable projects;
•
Provide medium to long-term financing for viable greenfield and existing projects;
•
Decentralisation of industrial development; and
•
Equitable employment and empowerment opportunities for Zimbabwean people. Values
••
Transparency : open to public scrutiny; Professionalism: adherence to all professional standards;
•
Innovation: exploring new possibilities and “burning the box”;
•
Dynamism: Responsive and adaptive to changing environment;
•
Gender Equality: equal employment and empowerment opportunities; and
•
Environmental Protection: promoting environmentally sustainable growth